Forex Today: US Dollar weakens despite Middle East concerns

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Eyes remain on the Middle East. During the Asian session, the Australian Westpac Consumer Confidence Index and the NAB Business Conditions survey are

due. The key report of the week will be the US CPI on Thursday. Here is what you need to know on Tuesday, October 10: The US Dollar Index experienced a modest decline near the 106.00 level on Monday, after trading mostly in positive territory throughout the day. The DXY initially started the week on a positive note due to developments in the Middle East that impacted market sentiment.

German 10-year yields dropped by almost 5% to 2.76%. USD/JPY declined from below 149.00 to 148.35. EUR/USD trimmed its losses during the American session, rising above 1.0560. The pair maintains a modest bullish bias in the short term but remains limited below 1.0600. The Euro underperformed on Monday and was the weakest among G10 currencies. German Industrial Production dropped 0.2% in August, and Eurozone Sentix Investor Confidence declined to -21.9, against an expected -24.

 

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